Oryzon Lost €1.6 Million in the First Quarter of 2023

Oryzon Genomics remains in the red. The biotechnology company has recorded a negative result of €1.6 million in the first quarter of 2023, a decrease of only two-tenths of a percentage compared to the same period of the previous year, according to the data presented by the company.

The Spanish company, which has entered €3.8 million in the period of the first quarter of 2023, has highlighted that the billing result presented “is in accordance with the specificity of the biotechnology business model, in the development phase in which the Company is located, with a period of maturation of its products in the long term, and without recurrences from the perspective of income”.

Oryzon Genomics’ investment in research and development (R&D) projects has reached €4 million until March 2023, which represents a year-on-year increase of 5% compared to the same period of the previous year. Of the total disbursement dedicated to R&D by the biotech company, €3.8 million have been allocated to development activities, while the remaining €200,000 correspond to research activities.  

The Spanish biotech company based in Madrid is in the process of developing a clinical trial for its oncology and neurology programs. The iadademstat Oncology trial focuses on the treatment of patients with lung cancer. The study, which is in phase II, has been underway since the beginning of the year in the United States when the first patient was included and for which the company plans to include up to 45 people.

Read more about Oryzon Genomics and find the latest financial news of the day with our companion app Born2Invest.

Oryzon reached a turnover of €16.9 million in 2022, which represents a year-on-year increase of 30%

The company is involved in two other clinical studies in the neurological field vafidemstat. The first of these is in phase IIb and seeks to find a treatment that reduces the symptoms of patients with borderline personality disorder. The trial, which is being carried out in Europe and the United States, plans to include around 188 patients.

The other study in the neurological area focuses on the treatment of patients with Kabuki syndrome, a congenital pathology that affects multiple parts of the body. The clinical trial of this pathology is multicenter and expects to have between fifty and sixty patients from hospitals in the United States and possibly Europe.

In 2022, the company’s results stood at €15.6 million, which translates into a rise of 47.2% compared to the previous year. However, in the same period, the company obtained losses amounting to €4.7 million.  

The company’s investments in R&D projects reached €16.9 million, which translates into an increase of 30% compared to the data for 2021. Of the total amount, €15.7 million correspond to activities of development and €1.2 million to research projects.

__

(Featured image by fauxels via Pexels)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.